The graphing tool below was
developed in 2017 for use by any investor or corporate manager seeking a
preliminary analysis of a company's use of its capital. Comments on the
graph's use will be welcomed, and can be addressed to
rocc@shareholderforum.com.

For
additional information about the development of an "ROCC" metric, see the
"ROCC Research Reference"
page of the project's website.

Returns on Corporate
Capital

The definition
of Returns on Corporate Capital
("ROCC") was developed in a workshop project of the Shareholder Forum
initiated in 2016 to provide a consistent measure for comparing corporate performance.

As indicated in
the workshop's concluding
October 20, 2017 report, a wide range of professional and
academic participants contributed their expertise to assure consideration
of all relevant corporate and investor decision-making interests in both
the definition of ROCC analysis and the design of a graphing tool for its
use. The
project benefited particularly from the initial research
contributions of
Organizational Capital Partners and
Shareholder Value Advisors, and from the data management and integrity
assurance of EDGAR Online.

Permission is
granted to republish images of the graphs of Returns
on Corporate Capital™
as presented
on this website with their full statements of source
and copyright information, or as otherwise
specifically approved to satisfactorily describe the
analysis and sources, and to respect the
intellectual property rights of both the Shareholder
Forum and its cited contributors of research.

Information requests
and suggestions of research applications for
Returns on Corporate Capital or variations of the
analysis can
be addressed to the Shareholder Forum at
rocc@shareholderforum.com.

The
information provided to Forum
participants is intended for their
private reference, and permission has
not been granted for the republishing of
any copyrighted material other than as
specifically stated. The material
presented on this web site is the
responsibility of
Gary Lutin, as chairman of the
Shareholder Forum.

Shareholder Forum™
is a trademark owned by The Shareholder
Forum, Inc., for the programs conducted
since 1999 to support investor access to
decision-making information. It should
be noted that we have no responsibility
for the services that Broadridge
Financial Solutions, Inc., introduced
for review in the Forum's
2010 "E-Meetings" program and has
since been offering with the
“Shareholder Forum” name, and we have
asked Broadridge to use a different name
that does not suggest our support or
endorsement.